Short Interest in IRIDEX Co. (NASDAQ:IRIX) Declines By 73.4%

IRIDEX Co. (NASDAQ:IRIX) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totalling 6,400 shares, a drop of 73.4% from the February 27th total of 24,100 shares. Currently, 0.1% of the company’s shares are short sold. Based on an average daily trading volume, of 25,000 shares, the short-interest ratio is currently 0.3 days.

Shares of IRIX traded up $0.15 during midday trading on Thursday, hitting $1.80. 42,259 shares of the stock were exchanged, compared to its average volume of 66,464. The firm has a market cap of $23.31 million, a P/E ratio of -2.81 and a beta of 0.63. The stock has a fifty day simple moving average of $2.60 and a 200 day simple moving average of $2.34. IRIDEX has a 52-week low of $1.36 and a 52-week high of $5.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.29 and a current ratio of 3.12.

IRIDEX (NASDAQ:IRIX) last released its earnings results on Thursday, March 12th. The medical equipment provider reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.16) by $0.05. IRIDEX had a negative return on equity of 35.33% and a negative net margin of 20.28%. The firm had revenue of $11.76 million during the quarter, compared to analyst estimates of $11.70 million. As a group, equities research analysts forecast that IRIDEX will post -0.49 EPS for the current fiscal year.

Several research analysts have recently commented on IRIX shares. Roth Capital restated a “buy” rating on shares of IRIDEX in a research report on Monday, March 16th. Zacks Investment Research upgraded IRIDEX from a “sell” rating to a “hold” rating in a research report on Wednesday, January 29th. Finally, ValuEngine lowered IRIDEX from a “buy” rating to a “hold” rating in a research report on Tuesday, February 11th.

A number of institutional investors have recently bought and sold shares of IRIX. Renaissance Technologies LLC raised its stake in IRIDEX by 7.5% in the fourth quarter. Renaissance Technologies LLC now owns 472,653 shares of the medical equipment provider’s stock valued at $1,054,000 after buying an additional 33,101 shares in the last quarter. Isthmus Partners LLC raised its stake in IRIDEX by 5.9% in the fourth quarter. Isthmus Partners LLC now owns 212,371 shares of the medical equipment provider’s stock valued at $474,000 after buying an additional 11,926 shares in the last quarter. Finally, Perkins Capital Management Inc. raised its stake in IRIDEX by 20.9% in the fourth quarter. Perkins Capital Management Inc. now owns 53,600 shares of the medical equipment provider’s stock valued at $120,000 after buying an additional 9,250 shares in the last quarter. Institutional investors own 32.87% of the company’s stock.

About IRIDEX

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology. The company offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of diabetic macular edema and other retinal diseases; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser systems, which are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

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